... rise to the trust is the basic principle that the trustee holds the property on trust for another person and that the trustee has fiduciary obligations. The occupational pension trust is different to the usual trust situation in that the settlor, the employer, who will provide funds and set up the scheme of the trust may also be a beneficiary and/or trustee under the trust; also, the members (the employees) may also be the settlor if they make contributions, they may also be on the board of trustees of the scheme. The typical characteristics of an occupational pension scheme are that there is a fund, which his held on trust to provide pensions promises made to the employee by the employer. In Target Holdings v Redferns1Lord Browne-Wilkinson stated that: It is important, if the trust is not to be rendered commercially useless, to distinguish between the basic principles of trust ...

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